Profit-booking ahead of GDP data later this evening and RBI monetary policy review next week were among the factors that led to markets closing on a negative note, said brokers.

In volatile trade, the 30-share BSE index commenced the day strong and touched an intra-day high of 24,353.59 from its previous close. However, it gave up all gains and settled lower by 16.81 points, or 0.07 percent, at 24,217.34. On Thursday, it had fallen 322 points.

On the other hand, Hindustan Unilever, Bharti Airtel, Cipla, Dr Reddy, Sun Pharma and NTPC were among 16 gainers.

On a weekly basis, the Sensex fell 476.09 points. This was its biggest loss since the week ending January 31, 2014 when it had weakened by 619.71 points.

For the month, the Sensex gained a whopping 1,800 points -- logging its best monthly performance in recent times. The 50-scrip NSE index Nifty today ended lower by 5.70 points, or 0.08 per cent, at 7,229.95. Intra-day, it moved between 7,118.45 and 7,272.50.

Mixed trend in global market and absence of any positive cues on the domestic front as most of events, including government formation, have been factored in, traders said.

Financial and banking stocks remained under pressure ahead of the RBI's policy review on June 3.